50 Cent recently signed boxer Billy Dib of Australia to TMT Promotions (The Money Team), a new company the rap star is running with world boxing champion Floyd Mayweather.

50 Cent and Floyd Mayweather’s TMT Promotions have already received its promoter’s license in New York and has another application pending in Las Vegas, Nevada, where Mayweather is finishing an 87-day prison sentence for spousal battery.

According to 50, it was Floyd’s idea to start TMT Promotions as an alternative to the current promotional deals that are being offered to boxers today.Billy Dib

Billy Dib

“I mean, outside of the fact that it was Floyd’s concept, and that it was his idea initially that he wanted to develop a company for himself and for other talent that can execute things without having to be within a traditional situation where you have to completely watch your back, 24/7,” 50 Cent told RingTV.com. “From a fighter’s perspective, you know, it’s going to be exciting to be a part of our company and something like that. When you achieve a certain level of success with your career, you start to do some soul-searching and you start to figure out what you’re actually after.”

50 told RingTV.com that Floyd can spot talent in upcoming boxers, which was another reason that two famous friends decided to go into business together.

In related 50 news, the rapper has set a November 13 release date for his album Street King.